Prosecutor Signals Madoff Plea Deal Imminent

By Jeralyn, Section Crime in the News
Posted on Fri Mar 06, 2009 at 12:38:30 PM EST
Tags: Bernard Madoff (all tags)

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The Government filed a pleading (pdf)in Bernie Madoff's case today stating he would waive Indictment and it would file an Information. Translation: Plea deal has been reached. More here.

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Prosecutor Signals Madoff Plea Deal Imminent | 48 comments (48 topical)

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Why would they (5.00 / 1) (#1)
by dk on Fri Mar 06, 2009 at 12:42:17 PM EST

be offering to make a deal with Madoff? What does he have to offer the govt. at this point?

Lots I Imagine (5.00 / 1) (#3)
by squeaky on Fri Mar 06, 2009 at 12:47:47 PM EST

Russian Mob, and South American money laundering operations for a start. I am sure that among the innocents who were duped by Madoff there were many who were trying to hide dirty money in the Madoff machine.

He was famous for doing business without any paperwork.

Parent

If he was laundering (5.00 / 1) (#12)
by Socraticsilence on Fri Mar 06, 2009 at 01:04:14 PM EST

then why should prosecutors offer him much leniency- he should be eager to testify in return for a safe solitary cell for the rest of his life- I mean I'm just speculating here but if I ripped off Russian and South American criminal enterprises then I'd be pretty quick to talk in exchange for staying alive.

Parent

Really? Has there been (none / 0) (#5)
by dk on Fri Mar 06, 2009 at 12:53:27 PM EST

any indication that he has that kind of information?

Parent

Yeah - there was an extended (5.00 / 1) (#26)
by scribe on Fri Mar 06, 2009 at 01:35:35 PM EST

article in the NYT about one of the main "feeders" of Madoff's, a woman banker from Vienna. At the time, she hadn't been seen for a while and the article noted (a) she had a lot of Russian oligarchs for clients and (b) Russian oligarchs do not take well to people losing their money.

AFAIK, she still has not surfaced since a January 14 email to Bloomberg News and that NYT article was published 2 months ago.

Parent

: And Harry Markopolos'... (none / 0) (#48)
by santarita on Fri Mar 06, 2009 at 03:12:56 PM EST

testimony before Congress.

Parent

Yes (none / 0) (#6)
by squeaky on Fri Mar 06, 2009 at 12:53:53 PM EST

Parent

Any chance you have links to (5.00 / 1) (#7)
by dk on Fri Mar 06, 2009 at 12:55:46 PM EST

that? Not doubting you, just curious.

Parent

Google (none / 0) (#8)
by squeaky on Fri Mar 06, 2009 at 12:57:54 PM EST

Links and here

Parent

: Thats odd, I typed in (none / 0) (#41)
by Wile ECoyote on Fri Mar 06, 2009 at 02:11:33 PM EST

venezuelan Drug Money Madoff
and it came up with this
I then typed in mexican Drug Money Madoff
and got this.
open and shut case.

Parent

If the assets in his Wife's name (5.00 / 2) (#4)
by Socraticsilence on Fri Mar 06, 2009 at 12:52:27 PM EST

are rendered untouchable civilly, its crap- I'm sorry but if I was some guy who lost my pension and the Madoff's get to keep a 8 figures in cash and assets I'd consider straight up robbing the dude- I mean I can't imagine a jury convicting some guy left destitute by Madoff's scam for a little B&E at the "wife's" Mahattan loft.

Yes (5.00 / 1) (#13)
by squeaky on Fri Mar 06, 2009 at 01:04:53 PM EST

I am sure that Madoff has the wife's assets on the table as part of the deal. The report is that she claims all $62 mil is hers and has nothing to do with Bernie.

Steve M points out that the gov cannot protect that money from civil suits.

IANAL but I am sure that Madoff is going to do all he can to support his wife's claim, and protect the money.

Parent

Amazing how (5.00 / 2) (#15)
by Socraticsilence on Fri Mar 06, 2009 at 01:07:57 PM EST

Person who never worked, and as far as I can tell wasn't a massive heiress or anything, can somehow accumlate 62 million in assets independent of her husband's fraud- I'd like to know the trick to doing that so I can drop out of school and start living the high life.

Parent

He ripped off some rather LARGE people (5.00 / 3) (#18)
by Militarytracy on Fri Mar 06, 2009 at 01:12:56 PM EST

I couldn't sleep the other night and was up watching 'Traffic' and the witness getting poisoned. Is Bernie going to need a food taster now?

Parent

I don't want to get all (none / 0) (#17)
by Socraticsilence on Fri Mar 06, 2009 at 01:10:09 PM EST

"class warfare" but this is as disgusting as Ken Starr's wife getting to keep everything after his death because it was no longer touchable in civil suits- still shocked that the mansion didn't have a "mysterious" fire.

Parent

Ken Lay (5.00 / 1) (#19)
by squeaky on Fri Mar 06, 2009 at 01:15:44 PM EST

Parent

I thought I had missed something (5.00 / 3) (#20)
by Militarytracy on Fri Mar 06, 2009 at 01:17:09 PM EST

Were the Clinton's going to sue Starr and then he kicked off :)?

Parent

No (none / 0) (#22)
by Socraticsilence on Fri Mar 06, 2009 at 01:27:35 PM EST

I'm just a bit tired studying and trying to comment in a second window.

Parent

: Hang in there (none / 0) (#23)
by Militarytracy on Fri Mar 06, 2009 at 01:31:56 PM EST

At least you are improving on yourself which is more than I can say for myself today, and I have company coming at 6:00. I just can't seem to care enough.

Parent

I was gonna say... (none / 0) (#24)
by ruffian on Fri Mar 06, 2009 at 01:33:02 PM EST

I just heard Ken Starr this morning on NPR arguing the pro-Prop 8 case in California.

Parent

: Ughhhhh (5.00 / 2) (#27)
by Militarytracy on Fri Mar 06, 2009 at 01:35:43 PM EST

Can you imagine having him for a father.....he'd be such an a$$h*le.

Parent

I was more shocked that (none / 0) (#42)
by Inspector Gadget on Fri Mar 06, 2009 at 02:21:09 PM EST

the news of his death was pretty much a little announcement. Not sure that he even had a funeral. It's hard not to wonder if he won't surface in some foreign country one day.

Parent

You think if they had a (none / 0) (#11)
by Inspector Gadget on Fri Mar 06, 2009 at 01:02:22 PM EST

dinner party they could get anyone to come?

They are in for a really, really lonely life.

Parent

Sure (5.00 / 2) (#14)
by Socraticsilence on Fri Mar 06, 2009 at 01:05:44 PM EST

I mean I'd go, now if I were them I wouldn't set out the good silver and I'd check my guests pockets as they leave.

Parent

I'd settle for a very lonely life in (5.00 / 1) (#21)
by vml68 on Fri Mar 06, 2009 at 01:25:50 PM EST

my penthouse if my other option was jail.... :-)

Parent

It would be tough (5.00 / 3) (#25)
by Militarytracy on Fri Mar 06, 2009 at 01:34:26 PM EST

But enough good red wine and enough Godiva chocolate and I could find a way to make it work....get the Oprah book of the month shipped in, go to the Opera in drag and spy on oculus. I could do things so that I wouldn't get bored.

Parent

Honestly, it would not be (5.00 / 1) (#33)
by vml68 on Fri Mar 06, 2009 at 01:55:03 PM EST

tough for me at all. As long as I have books to read, access to the internet and most important of all my pets for company, I would manage just fine. For me a coffin is preferable to being in jail.

Parent

If my dogs get to come I'm golden (5.00 / 1) (#36)
by Militarytracy on Fri Mar 06, 2009 at 01:56:21 PM EST

and it looks like my wife has enough money that I don't even have to scoop poop anymore :)

Parent

: I thought that was one of (none / 0) (#40)
by vml68 on Fri Mar 06, 2009 at 02:03:40 PM EST

the JOYS of pet ownership... :-)

Parent

My bet this will be under reported (5.00 / 2) (#28)
by SOS on Fri Mar 06, 2009 at 01:48:25 PM EST

Americans will be rioting in the streets if the
labyrinth is exposed in all it's eye popping detail.

Probably (none / 0) (#30)
by Militarytracy on Fri Mar 06, 2009 at 01:50:53 PM EST

That is why the air must be released out of the "hot gases" filled balloon slowly in small quantities, because methane is highly combustable.

Parent

: Eaxactly (none / 0) (#35)
by SOS on Fri Mar 06, 2009 at 01:56:13 PM EST

Trickle the truth out a little at a time.
Very delicately.

Parent

Did you hear that guys? (none / 0) (#44)
by MrConservative on Fri Mar 06, 2009 at 02:58:37 PM EST

IT'S ALL A BIG CONSPIRACY! WATCH OUT!

Parent

Under reported?! (none / 0) (#46)
by nycstray on Fri Mar 06, 2009 at 03:03:26 PM EST

Don't think so. He's messed with way too many people . . .

Parent

As a matter of principle (5.00 / 1) (#45)
by MrConservative on Fri Mar 06, 2009 at 03:00:47 PM EST

I oppose whole life sentences for anything other than aggravated murder because they are cruel punishment. But I agree he should get a long sentence.

: I usually agree. (5.00 / 2) (#51)
by Jacob Freeze on Fri Mar 06, 2009 at 10:04:35 PM EST

But in this instance, the magnitude of the damage exceeds my tolerance.
If you bankrupt an investor, one or two people suffer, or maybe even a whole family, but when you bankrupt charitable trusts and foundations, the damage extends into places where many, many people are already living on the edge.

Parent

Hopefully the prosecution has ... (none / 0) (#2)
by santarita on Fri Mar 06, 2009 at 12:42:39 PM EST

gotten a deal for full cooperation and disclosure from Mr. Madoff.

Given the offshore accounts that he was managing, he might be able to tell some interesting stories.

And, since he's such an honest man (5.00 / 1) (#9)
by Inspector Gadget on Fri Mar 06, 2009 at 12:58:16 PM EST

we should expect nothing but the whole truth from him. Wonder if he will require the tax payers to provide him with round-the-clock protection?

Parent

Man I hope (5.00 / 1) (#10)
by Socraticsilence on Fri Mar 06, 2009 at 01:01:48 PM EST

he isn't counting on Police protection to be that great- I mean some officers probably have family that lost pension money through Madoff.

Tell you what we should pay to protect him from Criminals he testifies against, but if a dime of my money goes to protect him from average people he ripped off, that's a dime too much I hope he sleeps with one eye open for the rest of his life.

Parent

: Do you think the pay for protection would (5.00 / 1) (#16)
by Inspector Gadget on Fri Mar 06, 2009 at 01:09:26 PM EST

be greater than what some would pay to make sure he doesn't share information? Madoff knows the answer. He ripped off some very wealthy and connected people without thinking twice. The narcissist in him says he is not going to tell all.

Parent

Presumably the feds have already ... (none / 0) (#49)
by santarita on Fri Mar 06, 2009 at 03:16:17 PM EST

done some corroboration to test the quality of his information.

Parent

Madoff's an Israeli Agent, is all I can figure. (none / 0) (#29)
by tokin librul on Fri Mar 06, 2009 at 01:48:37 PM EST

laundering money for Mossad. (Google it)

The Scum-bag millionaire threatens to spill any number of beans unless he gets a pass.

Mossad huh? (none / 0) (#32)
by Militarytracy on Fri Mar 06, 2009 at 01:54:24 PM EST

Well, I'm not sure I can eat the Godiva chocolates now. I will probably want to go everywhere in drag now too.

Parent

OMG, the Mossad pension fund? (none / 0) (#37)
by Militarytracy on Fri Mar 06, 2009 at 02:01:10 PM EST

Parent

: lol (none / 0) (#39)
by squeaky on Fri Mar 06, 2009 at 02:02:22 PM EST

you are on a roll...

Parent

Torture (none / 0) (#31)
by bocajeff on Fri Mar 06, 2009 at 01:51:49 PM EST

You know, maybe Bush had it right. Send him on some rendition tour and have tortured for what he did. I wouldn't have any problem sleeping at night...

I dunno why people assume (none / 0) (#43)
by Steve M on Fri Mar 06, 2009 at 02:48:52 PM EST

that he is getting some cushy deal. I don't think we have any idea.

: Facts are soooo boring. n/t (none / 0) (#47)
by santarita on Fri Mar 06, 2009 at 03:10:48 PM EST

Parent

Prosecutor Signals Madoff Plea Deal Imminent | 48 comments (48 topical)

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